Traders holding $39.5 million in BitMEX Bitcoin perps have 16 days to exit before forced closures begin
BitMEX reported 39,449,400 XBTUSD contracts of open interest on Aug. 10, equal to about $39.45 million or roughly 605.45 BTC at the reported price. XBTUSD is an inverse Bitcoin perpetual, so the position can stay open indefinitely under normal trading. BitMEX is winding down in two stages: new positions will be blocked at 04:00 UTC on Aug. 26, making the market exit-only, and any remaining positions will be force-closed when services end at 04:00 UTC on Sept. 23. Between those dates, traders can still reduce exposure, but BitMEX may also force-close positions at its discretion and may use early settlement for illiquid contracts. After shutdown, users will keep limited access for wallet and transaction records and withdrawals. KYC-verified users leaving funds on the platform will be charged a monthly fee based on the greater of $50 or 1% annually of the remaining balance.
